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Shell Oman AGM successfully concluded
Shell Oman Marketing Company SAOG held the Annual Ordinary General Meeting (AGM) of its shareholders to deliberate on the financial results of the company for the year ended 31st December 2008, and various items detailed in the invitation to its shareholders. The meeting was held on Wednesday, 18 March 2009 in the Businessmen Hall at the Capital Market Authority.
Dr. Andrew Wood Chairman of Shell Oman pointed out that 2008 had been an outstanding one in all parts of business, and stated that there have been many aspects of the company’s performance about which shareholders can rightly feel proud. The company delivered record profits of RO 12.5 million for the year ended 31 December 2008, which is about 13% higher than the profit in 2007.
The year 2008 saw the achievement of several significant milestones across the businesses. It was also a year when Shell Oman completed 50 years of operations and the company took the opportunity to reiterate its commitment to sustainable development in the country through numerous social and environmental endeavours.
The AGM approved all the items on the Agenda including the recommendations of the Board of Directors to distribute cash dividend at the rate of 115 Bz per share of the company for the financial year ended 31 December 2008. An election was also conducted to appoint 10 members to the Board of Directors of the company for a term of three years.
“Our performance in 2008 leaves us in very good health and shows our ability to deliver results to our shareholders," said Dr. Wood, adding, "To meet the challenges we see in our business environment, I believe we have good people and assets, a healthy financial position and a clear strategy.”